Electronic Payments

This Cashbook module allows you to pay vendors and employees electronically directly from your ERP system.

This module can be used for domestic payments, foreign payments or indeed payments in multiple business units spread across different countries.

Based on payment runs completed in your ERP system, this module allows you to select payments to be paid electronically. This selection can be done for all payments as would be used in a shared service center or sub-selections based on: vendor number, invoice date, or even down to individual invoices. Cashbook formats the payment file generated from your ERP into the appropriate bank format and transmits to your financial institution.

We have payment formats for over 75 different banks around the world. Some of the more familiar formats we have worked with include ETEBAC, STD18, ACH, CLIEOP03, BGK, BGF, CHAPS, DTA, FED, CAPS, PAGOS.

This module has additional benefits when implemented with Cashbook’s Automatic Email Remittance solution & Bank Reconciliation module.

Features

Benefits

• Cost savings from electronic payments have been shown to be valued at USD $1.70 per transaction for electronic payments vs check printing (NACHA 2003)
• Global companies can employ a global solution for all sites across multiple different banks.
• Automated processing of data reduces manual entry and consequently reduces the possibility of fraud and increases financial control.
• Elimination of manual effort allows companies to allocate more staff time to other higher-value activities
• Your vendors/employees expect electronic payments in the 21st century.